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04.12.2012 13:18

European session: the euro rose

 

 

09:00 Eurozone ECOFIN Meetings -

09:30 United Kingdom PMI Construction November 50.9 50.7 49.3

10:00 Eurozone Producer Price Index, MoM October +0.2% 0.0% +0.1%

10:00 Eurozone Producer Price Index (YoY) October +2.7% +2.5% +2.6%

 

The euro rose against the dollar, as markets are more optimistic after the new developments in Europe and on expectations that the Fed will continue its monthly bond purchases after Operation Twist.

In the European session, the single currency is testing the level of $ 1.3100 against the fact that the desire for risk is enhanced by the talk of the ECB and the oversight role of the time frame of the bank granting these functions. In addition, the EU agreed to hold another meeting on December 12 to discuss the creation of the banking union.

On the eve of Spain formally asked the European Union to assist the banking system in the amount of EUR 39.5 billion by mid-December. Spain's borrowing costs continued to decline, and the yield on 10-year bonds yesterday closed lower by 6.5 b. n to 5.253%, with a minimum of 20 March.

As the market got a chance to know the details of Greece's debt repurchase program. The country plans to buy bonds in the amount of approximately E10 million at prices higher than expected. Value of the bond varies depending on the term of the investment: 38.1% of face value - for securities with a term expiration in 2023, 30.2% - for bonds with a term expiration in 2042, the yield on 10-year Greek bonds rose to 128 MB . § to 14.56% yesterday.

Today's report showed that euro zone producer prices rose by 0.1% m / m and 2.6% y / y Figure was higher than forecasts of 0.0% and 2.5%.

The British pound rose against the dollar despite the fact that the PMI in the UK construction sector fell into the territory of the decline in November, falling below 50 to 49.3 from 50.9 in October, as shown by Markit Economics. Analysts had expected a drop to 50.5.

The Swiss franc fell to 11-week low against the euro on expectations that other banks will join Credit Suisse Group AG and will charge interest for holding deposits in francs.

On Monday, Credit Suisse announced that it will introduce negative interest rates in order to cope with the demand for the franc. The second-largest Swiss lender Credit Suisse announced that it will set the negative interest rates on cash accounts. However, he does not have what will this rate. The new rules come into effect from December 10. This policy applies only to the inter-bank deposits, and does not apply to accounts held by individual investors.


EUR / USD: during the European session, the pair steadily rising, setting all-time high at $ 1.3097

GBP / USD: during the European session, the pair rose to $ 1.6125

USD / JPY: during the European session, the pair set a minimum at Y81.86


At 14:00 GMT we will know the decision of the Bank of Canada Interest Rate will be done the accompanying statement of the Bank of Canada. At 21:30 GMT the U.S. will publish the change in the volume of crude oil, according to API. At 22:30 GMT Australia will index of activity in the service sector of the AiG in November.


04.12.2012 13:01

Orders

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  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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